His diagnosis of a world mired in financial uncertainty, trade wars and military conflicts doesn’t make for cheery reading – but it does underline the case for gold. “What we are seeing now is worrying. I think Europe will be drawn into the war in Ukraine, which could well be accelerated.

“The Trump administration has some highly flawed economic theories and this trade war is driving up interest rates and will, in my opinion, not do the US any good. It means investors round the world are seeing the US dollar and US Treasury bonds falling – and they are getting into gold big time.